Bitcoin and other major cryptocurrencies are up in morning trade, shrugging off the apparent collapse of a U.S.-Iran ceasefire agreement. The higher potential for more inflation to be introduced into world economies due to snarled traffic on the Strait of Hormuz is a factor that has been making investors nervous to embrace riskier assets like cryptocurrencies.

"It reintroduces the supply-side inflation impulse the Fed fears most, and it does so through the one channel that monetary policy cannot address without crushing demand," says analysts with Coinbase Institutional in a note. Because bitcoin hasn't been as volatile as some other assets in the wake of this news, Coinbase analysts say that bitcoin prices may have found their bottom. Bitcoin is up 1.4% at $64,122.

(END) Dow Jones Newswires